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Sign of Global South's coming of age

By Li Yang | China Daily | Updated: 2025-05-15 07:22
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An aerial drone photo taken on March 12, 2024 shows the BYD battery factory in Manaus, capital of Amazonas state, Brazil. [Photo/Xinhua]

When the world reaches a crossroad, it is often the choices of major powers that determine the course of history. It was like this 80 years ago, and it is still the case today.

The visit of Brazilian President Luiz Inacio Lula da Silva to China not only has practical significance for consolidating bilateral relations, but also strengthens the determination of all countries, especially those of the Global South, to defend the fair and just world order and adhere to the path of independent development.

The China-CELAC (the Community of Latin American and Caribbean States) Forum, which was held during Lula's visit to China, has deepened the strategic alignment of development between China and Latin American countries on a larger scale. The China-LAC action plan on cooperation in key areas (2025-27) released on Tuesday serves to add flesh to the bones of their joint declaration issued on the same day.

In a sense, China and Brazil have joined hands to drive the strengthening of unity and cooperation among countries of the Global South, and have deepened and solidified the cooperation between China and Latin American economies.

As an epitome of China's cooperation with the Global South, the cooperation between China and Brazil is gradually expanding from fields such as infrastructure, agriculture and energy to new areas such as the energy transition, aerospace, the digital economy and artificial intelligence, injecting new vitality into the development of bilateral relations and bringing more tangible benefits to the people of both countries.

All the countries of the Global South that cooperate with China should have a common feeling that China sincerely hopes to promote the common development with them, and it is thus sharing its scientific and technological achievements, development experiences and growth opportunities with them.

China and the LAC countries refuse camp confrontation and advocate for openness and win-win results, setting a new model for international relations.

As major developing countries in the Eastern and Western Hemispheres respectively, China and Brazil will enhance their coordination and cooperation in multilateral mechanisms such as the United Nations, BRICS, and the China-CELAC Forum, jointly adhere to multilateralism, improve global governance, maintain the international economic and trade order, and oppose unilateralism, protectionism and bullying.

The joint statement signed by the two countries on the Ukraine crisis is built on their previous pro-peace efforts with other developing countries. It indicates that the Global South is playing an increasingly important role in addressing international hot issues.

Among the 20 cooperation documents signed by the two countries on Tuesday, it is particularly worth noting that the People's Bank of China and the central bank of Brazil renewed a bilateral currency swap agreement with a total value of 190 billion yuan ($26.39 billion). The agreement is valid for a period of five years and can be renewed upon mutual consent.

In 2013, China and Brazil signed their first bilateral local currency swap agreement. The renewal of the agreement will help deepen trade exchanges between the two countries and promote the use of the RMB in Brazil and Latin America. The bilateral local currency swap agreement is an important part of the global financial safety net. Especially against the backdrop of the recent implementation of "reciprocal tariffs" by the United States, the strengthening of currency cooperation between China and Brazil will send a positive signal to the market that the two countries are working together and cooperating in unity, which is conducive to enhancing market confidence and maintaining regional and global financial stability.

Financial cooperation between China and Brazil will help promote reform of the international monetary system, improve global financial governance and strengthen the development financing agenda.

This marks a new stage of mutually beneficial, efficient and pragmatic financial strategic cooperation between China and Brazil. It will provide more efficient and secure financial service guarantees for enterprises of the two countries, and offer financial support for the alignment of development strategies between China and Brazil.

 

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